Midas Resources

Published : August 20th, 2007

to Commence Diamond Drill Testing of Gold Mineralisation at Bindah Prospect

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Keywords :   Australia | Diamond | Gold | K Street |

 


 

 


Midas to Commence Diamond Drill Testing of Gold Mineralisation at Bindah Prospect, Lake Carey gold project

Midas Resources Limited (“Midas” or “the Company”, ASX: MDS) will shortly commence drilling program at its Bindah prospect at the Lake Carey gold project in Western Australia.

Both the Intrepid and Bindah prospects were identified by Midas as priority targets for the identification of high grade gold deposits in the Lake Carey tenements. A Diamond drill rig has been secured for the Bindah Project, while efforts continue to secure a suitable Reverse Cycle (RC) percussion drill rig for Intrepid.

Bindah Gold Prospect – Drilling program

Diamond drilling is expected to commence in four to six weeks at the Bindah Gold Prospect. The objective of this drilling program is to test along strike and down dip of the high-grade gold mineralisation associated with massive sulphides that has previously been reported by Midas.

Geophysical modelling of the down hole EM data indicates a very strong electrical conductor below all previous drilling. The Company plans to drill a 500m Diamond drill hole to test this target, as well as four shallower Diamond drill holes between 150m and 300m deep along strike of the known gold mineralisation, in order to give an indication of the potential size of the gold deposit and whether or not a major follow-up drilling programme will be required to establish a Resource.

In addition, BNRC007 which contained 8m @ 10.5 g/t Au from 116m will be twinned by a Diamond drill hole to obtain structural information on the orientation of quartz-sulphide veins. All approvals have been obtained for the drill programme and drill sites have been prepared. The location of planned drill holes is shown in the attached ASX announcement figure 1. 

Full details are included in the attached ASX Announcement which was lodged by Midas today.
Download the full ASX announcement by clicking here
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Midas Resources

EXPLORATION STAGE
CODE : MDS.AX
ISIN : AU000000MDS4
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Midas is based in Australia.

Its main exploration property is LAKE CAREY in Australia.

Midas is listed in Australia. Its market capitalisation is AU$ 975.6 millions as of today (US$ 917.2 millions, € 668.5 millions).

Its stock quote reached its highest recent level on April 09, 2010 at AU$ 880.00, and its lowest recent point on April 11, 2014 at AU$ 0.00.

Midas has 6 504 300 032 shares outstanding.

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10/9/2007First Quarter Quarterly Activities Report
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8/20/2007to Commence Diamond Drill Testing of Gold Mineralisation at ...
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